Down Payment Assistance Program

Owning your own home can be closer than you think. Complete short form below.

Will this home purchase be your primary residence?

Yes

No

Is your gross (before taxes) income higher or lower than $6,967 monthly or $83,605 annually?

Higher

Lower

How would you rate your credit or what is your mid credit score?

When are you thinking of buying?

What areas or zip code areas are you interested in?

What is your desired price range or montly payment range?

Name

Email address

Phone

Have you been saving for a traditional down payment but find home values are increasing faster than you can save? There is a down payment assistance program just for you. With the NHF ACCESS down payment assistance program, it’s possible to borrow up to 99.5% of the purchase price and have your closing costs financed too. That means you only need 1/2 of one percent of the sales price.

The NHF ACCESS down payment assistance program uses an FHA 30 year fixed rate mortgage with a down payment assistance second fixed rate mortgage taht makes up the bulk of the normal FHA 3 1/2% down payment.

This program is not restricted to only California first time buyers, it is open to previously home owners as well.

Here’s an example of how the program works:

Sales Price $300,000

FHA 1st Mortgage -$289,500

NHF ACCESS 2nd Mortgage -$9,000

Needed Down Payment $1,500

And if your credit scores are high enough you can also finance your closing costs into the loan.

Think about the benefits of owning and these program highlights:

No to low out of pocket closing cost options – First time home buyers AND previous home owners accepted – Flexible common sense loan approval – Fixed rate – No balloon, no prepayment penalty – Government insured – Single family homes, PUD’s, FHA approved condos – Acceptable credit scores as low as 580 – APR 6.1308%

Compare your rent deposit with this down payment. For what you pay for rent…Why? Stop dreaming and see if you can own today! the NHF ACCESS Down Payment Assistance program may be the answer to your new home. See if you qualify for this down payment assistance program by completing the short form below.

Will this home purchase be your primary residence?

Yes

No

Is your gross (before taxes) income higher or lower than $6,967 monthly or $83,605 annually?

Higher

Lower

How would you rate your credit or what is your mid credit score?

When are you thinking of buying?

What areas or zip code areas are you interested in?

What is your desired price range or montly payment range?

Name

Email address

Phone

NHF ACCESS Summary

This down payment assistance program is for families and individuals who can afford a mortgage loan but do not have the resources for the down payment and closing costs.

How did this program originate? In 1993, a group called the “Regional Council of Rural Counties or RCRC” (made up of 30 rural counties in CA) formed the California Rural Home Mortgage Finance Authority (CRHMFA) aka as Cal Rural to help increase homeownership opportunities. In 2002, CRHMFA sponsored the Homebuyers Fund, Inc., now known as CHF.

What is provided by the California Homebuyers Fund (CHF): CHF offers down payment assistance financing up to 99.50% designed to increase homeownership opportunities to low-to-moderate income individuals and families in California

The NHF ACCESS 2nd can be used to fulfill the borrower’s equity contribution required on a FHA 1st mortgage and is a 15 year fixed rate second that is fully amortizing with no prepayment penalty

Use of CHF ACCESS Down Payment Assistance funds – Proceeds may be used for the down payment, closing costs, price adjustments or pay down up front mortgage insurance

Purchase of Owner-Occupied Primary Residences Only – No first time homebuyer requirement – You may own other properties but must meet FHA requirements

Credit Tidbits about the NHF ACCESS Down Payment Assistance Program: Minimum mid credit score is 580, the higher the credit score the more you qualify for and the better the interest rate, if your credit is high enough you can add your closing costs to the loan

Other Down Payment Assistance Tidbits: Homebuyer education required, no ‘Recapture Tax’ if the home is sold later, no sales price limits but limited by income and FHA loan limits, very liberal qualifying debt-to-income ratios